. >> so just one piece of palace intrigue and the future of disney with bob iger bob iger said in his note last night it was to his own amazement he was in this role. how much do you think this was a function of bob iger campaigning for this role or begged to take the job? >> well, you know, he had been making no secret of his -- of his -- of his dissatisfaction with bob chapek running the company. iger made the job look easy and chapek made it look hard it is hard a lot of headwinds and tough stuff happening. iger was telling people and members of the board which is really his board people he had hand picked that his successor wasn't doing a good job i'm not sure what he would have expected other than them coming to beg him to return >> ben, bob iger has talked about how challenging the business is and the media space at large with the interviews once he stepped down he talked how lineal the business is. will he turn this around upgrading the stock saying they love bob iger. what do you think bob iger will do from the practical perspective over the next two years that he says he is i

but on day one, iger's challenges are far bigger and different. not just from where they were when iger left in february 2020, and even when he stepped down as chairman at the beginning of this year, with a far weaker economy. first an ad recession will challenge the company's linear networks and also the new ad-supported streaming service second, a pullback in consumer spending could hit the parks the consumer products division as well as streaming subscription dollars and third, that streaming landscape, it's a lot more competitive than it's ever been, and since chapek raised subscription prices, disney may be a little more of a disadvantage so right now, iger is working on morale, but he does have some tough decisions ahead about how much he's going to be investing in content and where those content investments will be and also how he's going to handle those cutbacks chapek started to lay out. >> julia, you know i can't resist a contrarian take let me try this out on you bob iger without question, legendary media ceo, m&a track record bar none.

i've known iger a long time. talked to him many times, including having done an exit interview with him less than a year ago as he was stepping down as the company's chairman. he had given up the ceo job in february of 2022, mr. chapek, right into the pandemic. iger then tried to reassert himself during that period and that created a lot of friction between the bobs. but i did ask him less than a year ago during this exit interview about the world and about what he thought as the incoming, not ceo but what the challenges were for chapek >> look, the world is change dramatically it's important for the ceo of a company to address all of those changes rapidly. bob is going to address them probably differently, perhaps, than i may have. that's neither good nor bad. i think generally speaking, change is good change isn't necessarily bad >> i guess in this case it wasn't good. now they're going back to what they had >> in his own words we're entering this age of great anxiety, he has said, in a recent interview, and it

when bob iger started he was not bob iger either. there's a history of people having to grow into their roles and that's the question who can grow into this position. no one is bob iger. >> two years is not a long time to grow into anything. if you don't already have the pieces in your resume to take over from bob iger minus maybe one more piece, in two years, are you really going to be able to get it? isn't part of his role to elevate other people to the point where among his leadership team investors, employees, others, have confidence in them and we stop hearing this there just aren't any other bob igers? >> and that's the thing. i would say just remember bob iger was not bob iger when he started 15 years -- in his 15-year reign as ceo dana walden, the reason people are pointing to her, she has the creative chops and good relationships with talent and well respected and also could be put into a position now maybe as part of this restructuring, where she would have more of a business role as well. i do have to note, you said they w

it is reappointing bob iger as chief executive immediately. this marks the end of the three-year term of chapek and after the board agreed to give him a contract extension they agreed to cut costs as it deals with the surging costs of the streaming service. chapek's time has been rocky stock is down 30% since he was named ceo in february of 2020. he faced a number of controversies since. disney was forced to close due to the pandemic and in october that year, it announced a bigger focus on the streaming in july of 2021, disney was sued by scarlett johansson over the streaming release of the "black widow" movie then they clashed with the don't say gay bill with the governor ron desantis it fired the content chief over the issues with chapek and this month, misses for the fourth quarter profit. warning that streaming growth could thin in a statement, bob iger says he is thrilled to return and optimistic about disney's future iger led disney for 15 years and oversaw pixar and other entertainment venues he will work closely with the board to find

but it seems that bob iger is an island in terms of opposing iger. guy: lucas, bob iger has done a lot over the years. he has built this business up. he is well known for his sappy skill set. but is he a cost cutter? is that the challenge he faces? lucas: his greatest the compass matt has been turning disney into the creative powerhouse that is the envy of every other company, acquire lucasfilm, marble and others. he has had to consider costs. he low ceo during the great recession. and he has overseen the decline in espn and trying to figure out how to manage costs there. but he has not undertaken massive cost cuts or layoffs in any recent time. it remains to be seen if you will continue with the plan that bob had or if you will go on his own path. he has disagreed with a lot of his moves. alix: as he has been vocal about. lucas, thank you. we are joined by jason, a u.s. media analyst, who has a buy rating for a disney at a $145 price target. how much more do you like it now? jason: well, let me frame it. we are probably the last one doing parts on d

what is iger going to do differently? and what will happen down the road the next time iger retires. we have julia boorstin and alex sherman. julia, are tied into disney like no other did this one shock even you? >> it surprised me, and then it didn't i did go back and check the timestamp on when the press release arrived to make sure it wasn't a couple years old, because bob iger has extended his tenure before. the magnitude of the loss in the streaming division was unlarger than anticipated, and also concerns that the way that chapek was handling cutback, perhaps a hiring fry, that that wasn't going overwell with the staff. i think they went bag to iger. >> apparently there was no bench, because they didn't bring up anybody from the outside. they went back to the former guy, who, by the way said the old guy was the right guy. iger endorsed chapek >> irony is, while bob iger is rightfully celebrated as a great ceo, his one weakness appears to be succession plans. that's k35ik9ly what disney has gone back to igerd to, at

why has disney brought bob iger back? rachel: there is no surprise that the ceo who has just been ousted has not been doing well. disney had a rough well. their streaming platform is looking shaky with enormous losses. their stock price is down 40% in one year, which is the most since the 1970's. it is not a surprise. bob iger was a very high-profile, very successful ceo. to some extent, turning to bob iger it speaks to another problem disney has, which it does not have that bench of leadership talent. it does not have that bench of succession. that is one of the things people will be looking to bob iger to fix. tom: that was a key question towards the end of his reign. who is going to replace you? they kept extending his contract. what are the challenges that iger is going to face now that he is back in the hot seat? rachel: exactly, and i think the immediate thing people will want to see firm iger is a stabilization of disney's most important businesses, theme parks and the streaming platform. we know the streaming plat

disney's board of directors asking iger to return. iger starting at abc more than four decades ago. he began as an entry level studio supervisor, once joking, i was the assistant to the production assistant. he would work his way up to ceo and spend 15 years in that role. "time magazine" naming him business person of the year in 2019. tonight, iger taking over with a mandate from the board of directors to "lead the company through this pivotal period." during his tenure as ceo, iger oversaw tremendous growth. leading the charge on major acquisitions including pixar, >> to infinity and beyond! >> reporter: marvel -- >> avengers! assemble. >> reporter: and lucasfilm. >> may the force be with you. >> reporter: striking a deal to purchase as sets from 21st century fox -- >> outstanding. >> reporter: and launching streaming platform disney plus. tonight, iger saying in a statement, "i am extremely optimistic for the future of this great company and thrilled to be asked by the board to return as its ceo." and in an email to employees overnight, saying, "it is with an incredible sense of g

can bob iger do anything to change that. he can cut spending. will you have the content needed to have that streaming service. >> acknowledge that it's a loss leader, and tom is going to come on i'll let him discuss that. he's a robust 71-year-old guy, soon to be 72. looks like he's in his 50s dan mentioned,he was the architect of so many great things my sense is instead of trying to fix things that might be unfixable. he'll trying to figure out ways in new world i think he'll succeed. the question comes down to, and tim alluded to this, as did courtney, do you want to be short a stock that's trading, which is historically cheap itself a stock that traded down on november 9th we saw it march 18th, 19th, 20th of 2020. and has some up side now with him back in the role so i'm not saying you necessarily have to go and buy with both hands. if you have been short enjoying the ride down, you'll absolutely have to cover, given the news we just heard. >> you're not sure and you're not in the stock, would you buy here, tim. >> i think the evaluation is c

maria: yeah, bob iger is back. we'll take a break. when we come back, temperatures are dropping, energy costs are rising. we take a look at the energy industry, what can be done to combat sky high prices we're about to face as the winter comes. stay with us. ♪ this thing, it's making me get an ice bath again. what do you mean? these straps are mind-blowing! they collect hundreds of data points like hrv and rem sleep, so you know all you need for recovery. and you are? i'm an investor...in invesco qqq, a fund that gives me access to... nasdaq 100 innovations like... wearable training optimization tech. uh, how long are you... i'm done. i'm okay. this black friday, save on all the gifts you need for the gifts that keep on giving. because while they have no idea what's going on here... -hi. -...a little something of their own will get them in the spirit. black friday deals up to 50% off at chewy. >> with republicans in control of the house, we can stop any additional taxes on oil and gas but the energy is what's part of the driving of

on day one, iger's challenges are different. not just from when he left as ceo in 2020, but when he stepped down as chairman at the beginning of the year. first the ad recession is expected to challenge the networks and ad supporting streaming service. a pull back in consumer spending to hit the parks and products division and streaming business. the streaming landscape is competitive than ever. disney may be at a disadvantage. iger is mworking on morale out f the gate he is looking to handle content. julia boorstin, cnbc business news, los angeles. >> disney investors are cheering on the return of bob iger. >>> beijing will start tightening requirements for covid testing from november 24th this as they reported 634 new covid cases from 3:00 p.m. on tuesday. we have been keeping a close eye in china with the flare up of covid cases and the resumption of lockdowns in certain parts of china. remember, arabile, china doesn't have a policy tolerating living with covid they have a zero covid policy which is why they are reliant on lo

the fallout after the reappointment of bob iger at disney. we understand at the moment he is asking disney managers to reconsider the corporate structure. we have started to see the distribution chief kareem daniel is stepping down. this executive was close to chapek. kareem daniel young the chairman of media and entertainment distribution. we will continue to bring you the latest when it comes to disney and some of the restructuring. there is restructuring going on across technology more broadly. mastech layouts have left hundreds of workers living on temporary visas with little or no time to find a job. how can this change the tech landscape more broadly? ed: tech companies rely on the h-1b visa for computer engineering talent. the numbers hind the analysis are fascinating. h-1b visas are capped at 85,000 per year. this group of six tech companies on your screen are behind 45,000 of them both new and renewed over the last three years. just those six names alone. h-1b's make up a significant -- not a majority but a significant of the overall

we're trading disney's iger on the committee. joining me on set, and let's check the markets. the nasdaq is down a little more than 1%, and dow is off 54, and 380 is the yield on the ten-year note we're watching all that and will get to all that in a moment. of course, the story of the day is disney. we want to attack that first because we have a shareholder here, and jim, you are in the stock. your reaction to this stunner that we got today. >> yeah, woke up today and the stock was up 9% in the premarket, and i thought what is going on with disney did somebody take it over? we have given some of that increase back, and maybe that's what we should expect. obviously i am not into the stock for 6.5% we are in it for a lot more than that bottom line is the company is executing well i think where it got into trouble is with the corporate activism he was doing and the company was doing, and i know it's sensitive what i am about to say, but take it or leave it, and the spat he got into with governor desantis earlier this year, and the rescinding of the special tax status in florida,

that is what iger had that chapek doesn't. but i still think the integration of disney and fox is not 100% complete. i think there needs to be this finality to it. ed: did you buy more disney shares on monday? ross: well, you know, i run a public etf gk is my etf and i , did buy disney today. i don't know if that has actually posted yet. [laughter] that it is posted anyways at 5:00 eastern. markets are closed. i did buy disney aggressively today. i think it is wildly undervalued. and with iger back, it's a whole other business to look at now. ed: another business to look at -- twitter, you are an investor in the private entity. bloomberg reported that layoffs continued on monday, a focus on sales and marketing. what do you make of that? ross: i think you will see the same thing at disney. if you look at tech companies across the board, twitter included, and probably more extreme than most, is a resizing of the tech industry. part of that is from the pandemic boom to know bust, and then also just a realistic view of what costs

it's the best-performing dow stock and this on the news of the return of bob iger as ceo. that ends bob chapek's tenure. >>> bob iger's to-do list is a long one they saw widening losses in the streaming business and announced cost customers and hiring freeze janice min is. there's a buy rating on the stock at a 130 a share price target janice what went wrong with mr. chapek >> i think the better question is, what went right? i think we saw signsearly on that he was not great in a crisis i know it seemed a little insignificant at the time, but if you recall, he had the don't say gay fiasco, he got into a fight with scarlett johansson, star of black widow. one of his big marvel stars. and he i think more importantly, he was not adepth with the town. anyone who works in holiday knows, it's clubby, it's chummy, it's all about relationships and it's a referendum on the streaming wars and everything it brought. this is going to be a tech-driven industry it's going to be data-driven relationships can go secondary to the algorithm and we're seeing with bob chapek, none of this wor

ceo and the rift with him and iger weighed on the mo morale on the company. we are taking a quick look at pre-market trade it it looks like disney will open up .9% that is something we will watch closely when the u.s. opens. let's bring in the senior analyst from lansdown. it feels like the big news with the sudden departure of chapek and iger returning back to the fold is this a big deal >> it is a really big deal as you say, it came as a surprise to the industry yes, stock up .9% pre-market trading and it would reverse immediately after with results which were disan pppointing forh quarter. it showed revenue risen 9% operating profit was only up 1%. this is because of huge sums being poured into disney plus and content and marketing costs. actually that had caused real concern among investors because the forecast for disney plus will turn profitable in 2024, but we don't know yet how profitable it reaches that milestone. mean meanwhile, the business relies on the parks and theme parks and the business in cruises. it is a headwind for the part of the busines

this is a major reversal for iger. listen to this, cara swisher talked to iger just a few months ago about why he left disney and if he'd ever come back. here's what he said. >> one of the things, cnbc polled ten media executives about their 2022 predictions and one was that they'll return to disney. >> as what? >> i don't know. >> a mickey mouse character. there are rumors you could become disney's ceo again. >> that's ridiculous. >> ridiculous. >> i was ceo for a long time, you can't go home again. >> it's happened before. starbucks. >> i gave my name tag up, my id, office, email address it's gone. i think if i wanted to still run a company i'd run disney. no, i did that. >> he's doing it again. his successor, bob chapek is stepping down effective immediately. bob chapek's tenure included a fight with florida governor ron desantis, after the don't say gay bill and chapek faced issues with not speaking out to it quickly enough. >> a lot of these issues are not necessarily political. it's about right and wrong. i happe

what has led to that >> i think very few people would have anticipated it would mean bob iger's return. not so much surprised that bob chapek was not having an easy go of it due to errors along the way. the board has indicated to me that there had been true concern or heightened concern about his leadership, and that was after this most recent earnings report, a significant miss from analyst estimates but even more so just the costs associated with the direct consumer efforts, disney plus, and what seemed to be growing disenchantment at the very top of the company amongst some executives at least with his leadership as well one could have imagine the board picked up on that. maybe you're facing the possibility of certain people choosing to leave, and then they moved very quickly. >> so i also think it's notable that the news came here. obviously the stock is up 6%, warm welcome for bob iger, but we also go that revelation that nelson peltz is in this company building a stake and wants potentially to be on the board and his track rocks you know i covered the b & g story very closely, an

can iger be successful can he satisfy both the creatives and wall street? >> i think recently the population of planet earth is now at 8 billion here's the thing i'm certain of. of 8 billion people, they got the person who has the greatest chance, greatest capability, to actually go solve these problems bob is, you know, as everybody knows, just an extraordinary executive, great leader, a culture stuff he'll have back in a snap here, but he's a brilliant strategist the world has changed and the landscape is different today than it was 15 months ago. but i am very confident that he will calibrate his way through what are headwinds in the business today. >> so you're saying he's the perfect person, but isn't that kind of the problem as well? he can't find another person within the 8 billion people in the world to take over for him how is he going to find a successor in two years when he's been unable to for the last few years? >> you live and learn. bob is a quick study and i think whatever the things are that the judgments that he made in passing the baton l

bob iger is hardly a reagan republican here. this guy institutionalized woke ness at disney in many ways. he handed that institutional wokeness to chapek at probably the worst time when the country was essentially turning against that, and so when you start editing in, you know, same sex kissing scenes into children's programming, when you start -- david: and it doesn't sell by the way. charlie: right. when you start opposing a law that says you can't teach sex education to kids between kindergarten and third grade, it doesn't say don't say gay. david: bingo. charlie: you start opposing that even though at first he didn't want it and he got forced by his employees and ron desantis just wiped the floor with him, you know? it wasn't even close at that point. you know, those optics don't sell and then, you know, on top of it all, stocks down 50% this year. his last earnings call i heard was what got the board members thinking -- david: chapek. charlie: this guy doesn't have the chops, yeah. apparently he tried to spin a lot lower t

i'm beltitting iger can do the e to disney. oil prices fell today but i think china will reverse the zero covid policy as the case count gets further and further away from zero for me the bottom line is this, disney is the defining story of the day. this is a good example of how you can stick with an iconic company as i do for my charitable trust and make money when they bring in a better leader and that's exactly what i see happening as iger takes the helm let's go to trey in texas, trey? >> caller: jim, happy thanksgiving. >> oh, same to you and your family, partner. what's up? >> caller: hey, i don't know about you but i have thoroughly enjoyed this year-long black friday sale on growth stocks. >> that's the way to put it. >> caller: i sold my patient fiancee this morning if the nasdaq closes over 11,000 wednesday, i'm selling my car, taking up a ten speed and dumping every last proceed in the market jim, in your trusted opinion, what is the stronger buy right now, snow flake or data dog? >> oh, man both of these companies a

bob iger is back in as ceo of disney, it's a shocking shakeup, iger retired by the way less than a year ago. shares are down for disney roughly 40% this year. i wonder if it has anything to do with how woke the company has become. we'll talk about it. the stock is up big time in the pre-market. take a look at stocks on this holiday shortened traiting week overall. the dow as you can see essentially flat down 10 points also, same story for the s&p, and the nasdaq. we'll follow that closely when the bell rings in just about what, half an hour from now. bitcoin hitting its lowest level in a week, as the ftx scandal unfolds. new ceo john ray says the exchange is looking to resell or restructure its global empire. the company owes its largest creditors an estimated $3 billion. we're going to have the very latest on that saga. bitcoin as you could see right around $16,000. a new report by the gop accuses the pentagon of promoting critical race theory and gender identity insanity. it claims resources have been allocated to root out extremism within the ranks and promote predominantly left wing

disney ceo bob iger making some moves. yesterday the chief executive sent a memo saying he's reorganizing the company to put more decision making power back in the hands of the creative teams. this comes as analysts say iger faces a bigger challenge on choosing which disney assets should be sold off or spun off in the coming years, like espn or hulu raising questions on how disney's ceo shakeup could impact the future of streaming platforms. let's bring in cnbc founder and newsweek editor at large tom rogers. i think you agree with me on this point, even if iger were there, i don't care hofs there, right? the greatest ceo ever, they all would have been blindsided by the collapse of the netflix model. i mean, the streaming model that everybody was betting on for years, except i will say comcast, that everybody was throwing big money in for years just collapsed. so i'm wondering, was this move -- was it a little early? was it unfair? >> well, it's a great question, joe, because since iger's left, the traditional broadcast an

let's start with bob iger specifically. a lot of people are putting a lot of effort into his 15 years of service at the helm of disney. yes, he has had a good track record, but has he done it post-pandemic? i wonder how much of that is going to be an issue. >> it's a big issue because he was ceo 11 months ago. it's a much bigger story here than just streaming. i think some of the major shareholder activists are on him. disney has not back any stock since 2018. it doesn't pay a dividend. lo and behold, this has to be a blue-chip growth company, which it is not. in terms of storage of capital, bob iger's message has to be that we are going to make pragmatic decisions about all the businesses and certainly put our capital where we can get an attractive return back to shareholders. that does not exist with disney today. it's not going to be impossible for him to do that, but part of that will be shrinking their ambitions with video streaming. i see them with great quality portfolio, no different than warner bros., discovery, or

we are talking about bob iger. he used it in a different way. now andrew is not able -- your audio is not working or someone did not turn it on what were you saying >> i was just saying that the idea of being able to col collateralize against this stuff with the margin that built up in the system and people were leveraging >> i have seen that movie before >> thanks to bob >>> when we come back, a number of tech giants announcing big layoffinect eks renwes. what workers need to know when "squawk box" comes right back. it's hard to run a business on your own. make it easier on yourself. with shopify, you can have everything you need to streamline your shipping, returns, and product storage, so you can focus on growing your business. because when we work together, the future is bright. it doesn't have to be lonely at the top. join the millions at finding success on their own terms. start your journey with a free trial today. >>> tech giants have been announcing layoffs we have heard from companies like twitter, meta, intel and amazon, and our guest

bob iger had years as a ceo to choose a successor. and now, him coming back, bob chapek didn't even get a proper good-bye. to do that process again and choose another successor is pretty outstanding to me. especially given the fact that bob chapek's contract was voted on by the board to be extended just a few months ago. >> i remember bob's book a few months ago and he wrote in it the way you do anything is the way you do everything. that example on how to deal with the bill in florida, chapek waffled for a long time, and employees got so mad and left and walked out. and iger said right away, no, this is wrong. this isn't politics. is that emblematic of his leadership? >> i think so. you're pointing to one of the most contentious points between the two. at the time, bob iger said that that is something he fully disagreed with, and disney's leadership under chapek was waffling, which put them at odds publically. so bob iger was a more decisive leader more intune to the culture at disney. but that doesn't mean that bob chapek has been f

that's what bob iger is. >> good morning, kara. >> good morning. >> when i think of bob iger, i think solve someone who is not afraid to make hard decisions and isn't afraid of political blowback, if you will. he opens his book talking about that moment when that toddler was killed by the alligator in disney world. the reason i bring that up -- >> big moment. >> -- is because i think it's a moment that helped defines him. all the lawyers at disney told him don't call the parents. he's like, forget it. he picks up the phone, calls the parents. what can we do? we can't bring your child back, but what can we do. is that an emblematic of his leader? >> i jokingly call him the cashmere prince. he's smooth, funny. he's very forward. the reason i've known him so well, he was very early to digital and very few executives were. he said if someone is going to eat our lunch, it might as well be us which was shocking at the time. he's always leaned forward in ways. he's got a real commanding presence and makes really strong decisions. that's very, very important. he does it with a lot of class, i

bob iger as the head of disney less than 24 hours on the job. he said the company would go through restructuring in the coming weeks amid the announcement, kareem daniel, close ally of bob chapek would be departing a memo discussed that decision making would go back to the creative teams details emerging about the pay package. iger will receive a package valued at $27 million per year bob chapek is likely to receive a severance worth $20 million. speaking of chapek, the downfall came as top company officials raised concerns of management. sources telling david faber, one to express lack of confidence was the cfo. additional reports suggest that iger heard some of the complaints about chapek's leadership advised the leadership to take their concerns to the board. >> silvana, thank you. >>> the final stretch before the thanksgiving and black friday events best buy and dick's sporting goods and dollar tree reporting today alone. those results are coming as the sector gears up for black friday and cyber monday insight into the strength of the consum

i don't know what conservatives think they're getting in the form of bob iger. certainly not going to be a conservative mascot. >> as a consumer, as kelsey was saying, of certain products, i hate when i find out how deeply some -- how political the ideology of a ceo, when i'm buying a product, or consuming a service like a movie. i just stop going to see hem, because they've rammed it down my throat, and sometimes they're wrong. the major league baseball all-star game was taken from atlanta over the assumption that the voting was going to be racist, and instead they had a record turnout. you know, so i think they're making a huge economic and philosophical mistake. >> i absolutely hear what you're saying. there are times when companies have to take a moral stand. a lot of companies did that with the don't say gay bill. disney had 80,000 employees in florida. they were being pressured. cchapek apologized for not sayig anything. >> i don't think the bill said don't say gay. >> that's the nickname. >> we got to cut away earlier than normal. first, thanks for joinin

the news is in we all know iger's back now. why is it trading down because whatever iger is there to do it's probably not to clean things up a little and be a caretaker. iger has done transformative transactions, and that's probably going to be in the cards for a couple of quarters i don't know what the plan is going to be, but i promise you he didn't come back here just to cleanup a little bit he's going to do something big and that doesn't necessarily translate to a higher stock price at least once it's announced. so that would be my first instinct is to think about it that way it's an expensive stock and more expensive than netflix and expensive relative to its own typical valuation, so i think there's another leg down i do think the stock can work out, i might even buy it when it takes that leg down, but technically it's sitting on support, there really doesn't seem to be a lot of enthusiasm, and the next break lower it could have a seven handle. don't fall out of your chair if and when that happens. >> i want them to buy m

disney stock jumping 6% after the big announcement that bob iger will return to disney as ceo. retakes the reins from hand pickeded bob chapek. our business correspondent rahel solomon is here. hello. >> hi. >> one day, the stock is up, this is what i say, disney is making big changes. there are certain people met for certain jobs. >> yep. >> and he is one of those people, he was built for that job. >> old bob or new bob? >> old bob -- >> is that old bob? >> i'll try to make sense of it, yes. the current bob, the current bob. so, look, just to put this in context, it was sunday night that the staff learned that the old bob, bob iger would be coming back. by monday evening, there was a memo sent to employees essentially mentioning being changes, kareem daniels is going to be stepping down. he led the executive division and cebic ally, the new bob, we also learned in that memo over the coming weeks there will be more organizational and operating changes, i.e., more to come there. and streaming will be a focus heading into disney plus, of course. so, earlier this month, disney rep

bob iger is a little over 70 years old. he's on for two more years, maybe he stays on two more years, maybe that's his track record? >> what does this mean for disney -- nothing -- >> i think it means something. i think bob iger has a much better relationship with both creatives externally and internally. one of the major moves that bob chapek i hear disagreed with was reorganizing the company to pull out budgetary responsibilities away from the creatives. in other words, the people that were in charge of making the content didn't have the power of the purse to decide how much to spend on that content anymore. that decision was made by his individual colleen daniel who reported to bob chapek. he was basically the right hand man. it's likely that bob iger will undo that change and giving back to the creative forces at disney. and incognitoer has been a champion for the creative side, even when he left at ceo, he was in charge of creative on that side. he didn't totally leave the company. it's a win overall, at least for mora

then you had bob iger amazing how he created more wealth. the degree to which and entrepreneurial manager can really create wealth is extraordinary, isn't it? >> david, they make-or-break a company. often these daves a ceo is lampooned just being some rich guy who comes in and opens the mail, cashes the checks. as you're alluding to, david, everything is opposite of that case. not anyone can be the ceo. it really takes that unique entrepreneurial visionary especially for a company like disney. the prove is in profits or lack of it. as you mentioned the stock is down 45% in just the last year. the worst performance since the 1970's. in a capitalist company the buck stops with the ceo, the market is liking reinstituting bob iger. he has only two years, in a very competitive field and the stock is down and iger is in. david: dig down into the streaming thing. last quarter they lost 1 1/2 billion dollars. an amazing loss. of course they came on like gangbusters during the pandemic. everybody was stuck at home, they tuned into what ever was strea

clearly this was celebrated by the markets, iger's return, yesterday. do you share is that optimism about his return >> great question. you go back when he left, he wanted frank wells to succeed him. frank died in an airplane crash. mike hobitz was hired. iger took over and now you have a similar change from my point of view the franchise is terrific. the stock is interesting and obviously with a market cap of $220 billion, enterprise value, that's the same enterprise value as comcast but when i look at this whole ecosystem of entertainment aside from -- we can talk about streaming music later but independent of that you have a company called paramount paramount has almost $20 billion of content spend and that compares with $30 billion for disney and it compares with a similar amount, smaller amounts for netflix and so on. and so when you look at a company with an enterprise value that is a $661 billion shares times $20 approximately, and then you add the debt of $11 trillion, minus what they will sell simon & schuster for, i have a double or triple and

bob iger yesterday taking the first steps to reshape disney. we've got more details on how he is changing the management structure and his plans as he returns to ceo. we will bring you those details next. this is bloomberg. ♪ tom: welcome back to "bloomberg daybreak: europe". i'm tom mackenzie in london with manus cranny in dubai. bob iger going back to business after making his surprise return as ceo of disney. taking the first steps to reshape the media giant. joining us is rachel chang, who leads our media team in asia, order the steps playing put in place -- what are the steps being put in place by bob? >> that's right. he has moved very quickly. one of the thirst things he did was to remove a close bob chapek ally. we the old guard. we know the streaming platform is a massive concern, losses of 1.5 leave them dollars -- billion dollars. getting back to profitability. he promised that he would restore control to creative heads. internally people were unhappy with bob chapek, that centralization of power away from creative heads. manus: i'

su; seems to be a capitulation to bring back bob iger. he was more than four decades at the company but there has been a string of losing quarters at disney and this seems to be part of the motivation in bringing bob iger back. bob che pack, announced to succeed iger two years ago, will be stepping down from the position. again, this is a big change. iger is 71, back in the c-suite effective immediately. the board has concluded, this is a statement from the board, that as disney embarks on an increasingly complex period of industry transformation, bob iger is uniquely situated to lead the company through this pivotal period. one of the key mandates he will get is to reverse the steep decline at -- of disney shares, down or than percent year-to-date. the company headed toward their worst annual loss since at least the 1970's. the mandate is specifically from the board to "set the strategic direction for renewed growth and work closely with the board in developing a successor to lead at the end of his two-year term. he has accepted the invi

matt, iger led disney for 15 years, chapek was his chosen successor. things didn't go so well for chapek. what is disney saying about the transition and how long they expect iger to be helm. >> this is quite the plot twist at disney. the board of directors appeared to have lost patients with bob chapek and made a significant casting change by bringing back a legend in upon iger effective immediately. here is what the disney chair said about why they're making this decision, quote, the board indicated as disney ex barks on an increase lengthily difficult transition bob iger is situated to lead this company within this period. he did lead this company for 15 years through lots of success and growth, built it into a true media empire, including not just the theme parks that we all know and the films that we know and espn, but also going out and acquiring marvel and lucas films, buying 21st century fox and launching disney plus, the streaming service. wall street is greeting the return of iger with the financial equivalent of a standing ovation. disney sha

iger announced a broader shake-up at the company. he's trying to put the decision making power in the hands of creative scenes and unwind the approach to the company and there is also some questions about whether or not iger wants to roll back bob chapek's aggressive approach to pricing. because disney plus launched under iger at $6.99 a month but the plan is to pump that price up to $10.99 a month starting december. some questions about whether or not iger will go forward with that. we also got new details about how much money disney's board is paying iger to lure him out of retirement. s.e.c. filings show that he'll make a million dollars a year base salary, up to a million dollars a year for annual bonus and then there is annual incentive based and to put it together $27 million is potentially what iger will be making. that will make him one of the highest paid executives in hollywood. but he has his work cut out for him, despite the stock jump yesterday, disney is still down almost 40% this year. jim, that would be disney's worst

in. -- chapik out, iger in. lisa: activist investors will be pushing things out a little bit more. the other aspect is how much are we going back to a pre-pandemic norm, that really built up in 2020, 2021, when they were the only game in town? i wonder if that is from the tech layoffs, right? what is it, right? are we going to see layoffs? tom: some of the industry tech sessions i thought was pretty interesting, and i wonder if it stands out from that. we've got to talk about china. yesterday afternoon late, i said to someone in the family, this is not normal, 200, 300 cases, may be beijing, boom, in the chinese monday, they began to recalibrate. lisa: the first death from covid -- tom: three deaths. lisa: yeah, an 83-year-old man starting that off to how much hope is in the market, that china had moved away from covid, even though they kept saying, no we are not, no we are not. tom: in the current is scheduled to join us. it is a holiday week, but we continue to watch equities, bonds, currencies, commodities, d

i welcome back bob iger. my hope is that he will steer disney back from its core business, which is reflecting the common values, the aspiration, and really family-oriented entertainment. we all have different values in this company, we are entitled to those values and beliefs, but, those things that are most dear to us, let's let families work those issues out. let's respective families ability to convey their faith, their values. let's just be able to enjoy the mouse. that's my aspiration, and my hope is that disney will learn some hard lessons from its last recent years and get back to their core business which has come up her generation great source of not only entertainment, but fun for families. >> you are about to find out to lower the prices of the tickets. [laughter] carley is having a baby in two months. what do you think about this? >> carley: i remember earlier this year when disney announced that they were going to be changing the grading from ladies and gentlemen boys and girls to "hello dreamer

i think cost controls are going to come under bob iger i was talking to my analyst, ryan, and he thought that disney would be a stock that eventually is going to get through this sort of ceo situation they have and move toward getting t ting n business. >> back to the china investment story. k-web is up 30% this month i wonder, do you think that is because of or despite the unrest is there a case to be made that the investment story is actually stronger because of this pressure on xi jinping and his leadership they're not going to have a choice but to relax the zero covid policy >> well, it's hard to say. it's hard to say i'd be really surprised if they actually did, by the way, reduce the controls they put in place i actually got -- it's funny i'm not sure how i got these, but i have lots of contacts in china and they're sending me these pictures out their apartment windows of all these protests everywhere. you know, i think you're going to see a continued shift out of china towards other countries. whether it's korea or thailand or vietnam, i think you're going to continue to see that

bob chapek did a lot of the things that iger already put in place but from a morale standpoint iger was the better choice. >> thank you for being back on the show. >>> thanks to all of you for watching this hour of msnbc on this monday afternoon. you can find us on twitter with highlights from the show and new reporting and for show number two over on our streaming channel for nbc called nbc news now tonight and every weeknight at 5:00 eastern. nicolle wallace picks it up with "deadline: white house" right after the break. p with "deadline: white house" right after the break. this is the planning effect. if rayna's thinking about retirement, she'll get some help from fidelity to envision what's possible. fidelity can help her prioritize her goals by looking at her full financial picture. plus they'll help her pick an investment strategy, one she's comfortable with. and with a clear plan to get to retirement, rayna can enjoy wherever she's headed next. that's the planning effect, from fidelity. announcer: type 2 diabetes? rayna can enjoy wherever she's headed next. discover the power of

will iger take -- report will iger take disney back tto its wholesome roots, the panel is back, this is a real fox business story, new ceo, but iger was ceo for 15 years, he had a couple years off. company is doing badly. and they put him in, stock has a bump because they trust the old guy, it will make a difference? >> i don't see how it could. does not make sense, they are losing money hand over fist. now they pay two ceos, they have to pay the other guy his entire contract, tens of millions to each who no proof that anything can -- there is no saying they are not pushing an agenda and entertain. i have no idea, if i were a shareholder or parents bringing my kids to the park, i would be really pissed off. i wouldn't attend. it wouldn't change going for me. tom: a lot of americans are like that. >> note it is not just wrright widgers, a lot of families looked to disney as wholesome, they don't like the company any more. a don't like disney like they used to. is disney going to able to get that back? >> they could start by lowers the prices to their theme parks, i have cousins they w

that means bob chappick was out, iger's handpicked replacement. iger left only 11 months ago. chappick has come under fire for various decisions as shares of disney have fallen about 41% so far this year. disney says iger will remain as ceo for two years to help the company get back on track. to its creditors, and ten owed at least $100 million. the exchange in one of the highest profile cryptoblowups. a hearing on fxt's so-called first day motions is set for tuesday before a u.s. bankruptcy judge. >>> ye is back on twitter. the rapper formerly known as kanye west was locked out of his account last month for violating its policies. he wrote yesterday, "testing, testing, seeing if my twitter is unblocked." his return to twitter came less than 24 hours after its new owner, elon musk, had also reinstated several other suspended accounts including former president trump. >>> that is your cbs "money watch" for this monday morning. i'm matt pieper, cbs news, new york. >>> the highly anticipated fifa world cup kicked off this weekend in qatar. today the u.s. men's team takes to the f

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the latest disney drama, ceo bob chain ec is replaced -- chapek is replaced by former ceo bob iger. we've got team fox business all on the market-moving stories. jackie deangelis has the latest on the mouse house c suite shakeup, susan li on the twitter drama and hillary vaughn with ticketmaster's not so swift apology. let's given with disney setting off fireworks, the stock is top of the dow jones industrial average, it is up 6% now. of course, that's not the story for disney shares this year. so disney's going out with the old bob and in with the even older bob. former disney ceo bob iger will retake his position as head of the company he's been with 40 years, replacing bob chapek. jackie deangelis has more from the fox business newsroom with how much this c suite shake-up shocked wall street as well as hollywood. jackie, i was stunned when i saw this last night. >> yeah. a lot of people didn't see this one coming, lauren. and it says at lot that bob iger is coming back after less than one with year in retirement, and disney's stock price speaks to what's happening as well as you

>> not yet, i put them on watch because of bob iger. leave no doubt i will give you one little number why this happened. $202 billion, that is how of the market cap has been lost with disney since the beginning of 21. shareholders not happy. activists not happy. you know what happened with the woke thing which was, look i'm a big disney fan. they do a lot of philanthropic things here especially in central florida. boy, that was a misstep. the gentleman earned his right to move on. bob iger has proven himself so far. hope he does it again. it is one of greatest brand names in history. charles: bob iger put a lot of money in folks pockets, right, shah? >> a terrific ceo, i think one of the best. i'm happy for disney he is back at helm. i don't think it is time. i agree with you. upside gap will fill some consolidation before it is fresh time to buy some disney. i don't think it will be probably maybe the end of the first quarter or second quarter next year because i think we do go into recession i think disney will suffer for that and i d

why has disney brought bob iger back? alex: disney made a massive pivot the past two years, under pressure from activist investors, to make themselves more like netflix and actually invest in disney+. netflix has not had a brilliant year. it has been stalling and its share price has come down significantly. disney has fallen almost in lockstep with that. manus: and of course he is famed for doing those monster deals with pixar and marvel, isn't he? let's see what magic he could speckle across the kingdom. let's get to a bit of crypto. we know the contagion is around $3 billion in terms of unsecured creditors. that's not the end of the story in terms of fallout for ftx. it is pervasive. alex: yes, lots of different stakeholders here. there are the bigger funds, you have holdings who had investment in ftx, and then just your run-of-the-mill punter might have savings or investments, recto investments in the ftx exchange. all of these are likely to be affected and unfortunately it looks like those sort of retail investors are

so iger, and chapek's throat is cut and he's out, and iger is in what is he going to do is move it up two months and be a hero to everybody this leaves me cold. >> but they got projections wrong by half a billion in the prior quarter. >> i didn't like it last week either when some were saying the board fired chapek because they were surprised by a quarter. i am so turned off i can't believe it i want to go back to the point you are making, the paradigm has shifted. >> we talked about it last month, too >> on netflix, if you are going to go there, i will say reed hastings, and that left me code, too. he's pounding his chest -- >> he's not saying that. he's saying that you -- wall street has to stop looking at the number of -- don't focus on the number of subscribers as the be-all end-all those days are maybe behind us it's the profitability of the ones you have -- >> which is generating from the subscriber growth. i don't know if we are arguing on this, so i will dial it down -- >> it's okay we are not arguing >> with paramount and disney, both are saying 2024 is when profitability com